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EUR/USD Jumps Up on Deteriorating Economic Conditions

October 2, 2009 by

The euro rose against the U.S. dollar today despite the unexpectedly bad values reported on the two important macroeconomic indicators in United States. With each new trading session it looks like the dollar is becoming more and more positively correlated with the U.S. economy, losing when the fundamentals are bad and gaining when they are good. EUR/USD is now trading near 1.4594.

Nonfarm payrolls were reported at -263k for September — that’s worse than -201k reported for July and -175k value of the forecast. Unemployment rate jumped up from 9.7% to 9.8%.

Factory orders decreased by 0.8% in August in U.S., following 1.4% gain in July. The forecast by the analysts showed that this indicator will be reported with 0% change.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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